Index to Nigerian Newspapers

Nigeria risks being hard hit by an economic shock, as the ECA was drained from $72.411 million in January 2021 to $35.368 million in January 2022. Crude oil prices rose from $91.030 per barrel to $94.980 between 21 and 26 this January 2022. The national assembly retained the oil production target of 1.88 million, and global petroleum inventories will increase by 0.5million in 2022.

Nigeria bears the risk of suffering a severe economic shock similar to the one that occurred in 2016 when the price of crude oil fell to $20 per barrel. The ECA, which acted as a reservoir or buffer for the Federal Account Allocation Committee (FAAC), had been emptied within the preceding year, dropping from $72,411 million in January 2021 to $35,368 million in January 2022, according to the data. The account had a balance of $72,411 million between 20 January and 30 April 2021, per the official documents examined.Nigeria's crude oil production decreased from an average of 1.78 million barrels per day in December of last year and in January of 2022 to 1.42 million barrels per day on average in November, according to an OPEC poll. The world's petroleum reserves are predicted to increase by 0.5 million b/d in 2022. In December 2021, the average price of a barrel of Brent Crude oil was $74.17.

Nigeria bears the risk of suffering a severe economic shock similar to the one that occurred in 2016 when the price of crude oil fell to $20 per barrel. The ECA, which acted as a reservoir or buffer for the Federal Account Allocation Committee (FAAC), had been emptied within the preceding year, dropping from $72,411 million in January 2021 to $35,368 million in January 2022, according to the data. The account had a balance of $72,411 million between 20 January and 30 April 2021, per the official documents examined.Nigeria's crude oil production decreased from an average of 1.78 million barrels per day in December of last year and in January of 2022 to 1.42 million barrels per day on average in November, according to an OPEC poll. The world's petroleum reserves are predicted to increase by 0.5 million b/d in 2022. In December 2021, the average price of a barrel of Brent Crude oil was $74.17.

The federal government is expected to gain billions of naira from the implementation of its sugar tax, which has led to an increase in the cost of select soft drinks, carbonated drinks, and sweetened beverages. The average amount of soft drinks consumed per person is projected to be 57.02 litres in 2021.

The federal government is expected to gain billions of naira with the implementation of its sugar tax, which has led to an increase in the cost of select soft drinks, carbonated drinks, and sweetened beverages, to assist the funding of its national budget. In order to raise more money, the government imposed an additional N10 excise duty tax on a litre of soft drinks this year. The government will generate about N141.250 billion yearly from the introduction of the N10 sugar tax on soft drinks and dairy goods alone. Nigerian soft drink industry revenue in 2021 was N9.992 trillion, or $24,048,550,877. By 2026, volume in the soft drinks industry is anticipated to reach 14,713.5 million liters. The soft drinks market is anticipated to have volume growth of 0.5% in 2022. The total amount of soft drinks consumed in Nigeria this year will then be 73,567,500 million liters. The 2021 Finance Act includes a provision that would increase taxes on non-alcoholic and carbonated beverages. According to Nigeria's Labour Union, this proposal will cause further hardship for the populace and result in job losses. 

Due to a rise in food prices, Nigeria's inflation rate climbed by 0.23 percentage points, bringing the headline inflation rate in December 2021 to 15.63 percent, up from 15.4 percent the previous month. The headline was based on data from the National Bureau of Statistics (NBC) that showed a rise across all COICOP (classification of individual consumption according to purpose) divisions. The most significant price increases were observed in gas, liquid fuel, alcohol, actual and imputed housing rent, narcotics, cigarettes, clothing, footwear, and other materials used in clothing and footwear, as well as other articles of clothing and clothing accessories. They made a point of saying, "Food inflation on an annual basis peaked in December 2021."

In order to review some important concerns and portions of the Pension Reform Act of 2014, the Nationa Pension Commission (PenCom) will approach the National Assembly. The choice was made during a retreat in Abuja to discuss the 2014 Act. During January 12 - January 14, 2022, PenCom held a retreat to identify key points that needed to be examined in the 2014 reform Act before moving forward with legislative action. Aisha Dahiru-Umar, director-general of PenCom, explained to the attendees during the retreat's opening ceremony how the Pension Reform Act 2014 codified one of the federal government's most significant socioeconomic reform initiatives, creating a pension industry with more than #13 trillion in pension assets.